CDI Corp. yesterday reported a 105 percent increase in quarterly earnings and said its business did well enough to reverse a previous charge of $800,000.
The charge had been for costs of vacating leased space in 2004, but now CDI, the Philadelphia-based staffing company, needs the space and will use it.
The company recorded net earnings of $6.8 million, or 34 cents a diluted share, for the fourth quarter of 2006, up from $3.3 million, or 16 cents a share, a year earlier. Full-year earnings were $23.3 million, or $1.16 a diluted share, up from $14.0 million, or 69 cents a share.
Revenue for 2006 rose to $1.27 billion from $1.13 billion in 2005, while fourth-quarter revenue increased to $321.0 million from $290.7 million for the same period a year earlier.
Revenue from CDI's Business Solutions segment, which provides temporary engineering and information technology professionals for major projects, grew 11.9 percent in the fourth quarter compared with the prior year.
CDI's Britain-based AndersElite division reported a 24.2 percent increase in fourth-quarter revenue, the result of a strong market for construction in the United Kingdom and Australia.
Management Recruiters International, CDI's recruiting arm, had revenue increases of 2.4 percent, but Todays Staffing revenue declined 9.2 percent as demands for temporary staffing slowed.